Are your Young Adult Children Protected?
Young adults rarely think about estate planning because they often have no assets (real estate, car, etc.). However, they are just as in need of planning as any other older adult. If your 18 year old is attending college in another state you likely will not be able to communicate with your child’s doctors, even in an emergency. Imagine your child is in an automobile accident in a distant state and you cannot talk to their doctor because they are unconscious or unable to give permission- every parent’s worst nightmare come true. The problem is easily solved by ensuring that your young adult has a Durable Power of Attorney and Advanced Directive, giving you the automatic right to speak with the hospital. These documents are inexpensive and easily amended as the children age and perhaps want to pass agency to a spouse. Until then, don’t let your children go unprotected.
– Kathryn Bedell, Esq.
BUYER BEWARE – On-line Estate Planning Documents
In these uncertain times Estate Planning (Wills, Trusts, Powers of Attorney, Advance Health Care Directives) is on everyone’s minds. Many people use on-line services to generate basic forms. Unfortunately, those documents are often cut and paste, and can often have wrong information. Maine, for example, just passed a sweeping change to it’s Probate Code in September, and many on-line national programs have not caught up yet.
The Estate Planning Process is so much more complex than drafting a few forms. One of the most critical elements of the Estate Planning process is reviewing a client’s assets and making sure they are all titled properly. No on-line program can do this.
Working with an attorney is not as expensive as one might think. At Ballou and Bedell the entire process for a single person is $475 and $775 for a married couple. We offer a generous discount (25%) for any young families with minor children. These documents, if done well, can potentially last you the rest of your life, depending on your age. Don’t be penny wise and pound foolish.
Call us today and put your mind at rest.
– Kathryn Bedell, Esq.
Why Everyone Over the Age of Eighteen Should Have a Durable Power of Attorney and an Advance Health Care Directive
Imagine if your adult child is in a car accident and brought to the hospital unconscious, don’t assume that the hospital will talk to you automatically, like they did when they were minors. Due to HIPAA restrictions, hospitals have to adhere to strict guidelines as to whom they can communicate with regarding health information. EVERYONE (even 18-year-olds) should designate parents as agents in a Durable Power of Attorney for finances and an Advance Health Care Directive. These documents will ensure that you, as a parent, will be able to advocate for your young adult children if they cannot speak for themselves. Consider paying for them to execute the documents for your peace of mind.
-Kathryn Bedell, Esq.
Why young families must have estate planning documents
All too often young families avoid or put off executing Wills and other estate planning documents because they don’t think they need them. Ironically, they are the very ones who do need estate planning. A Will allows you to name the Guardian of current and future-born children. Testamentary Guardianships are automatically issued by the probate court. There is no court process involved, so no family drama over who will take care of your children if both parents are gone. Moreover, your Will can set up a simple testamentary trust for minors to ensure that the money you pass to your children is protected until they are ready to inherit it. To ensure your loved ones have no worries, it is also essential to go through your beneficiary designations on insurance, retirement and other assets.
Attention – parents with grandchildren:
Estate planning gift certificates make great Christmas and Birthday gifts for our children!
-Kathryn Bedell, Esq.
“If I was looking for an estate planning Attorney…”
Advice from a Seasoned Estate Planning & Probate Attorney
1. Don’t get your estate planning documents online. I estimate that 99% of what I do is not preparing documents, but giving tailored advice for your unique situation.
2. Use online research, but only to educate yourself, as well as to compare and contrast attorneys.
3. Interview lawyers, by telephone or at your first office meeting – shop around and ask for price.
4. Make sure to use a lawyer who only focuses on estate planning.
5. If you are afraid to interview a lawyer, use word of mouth – ask your friends.
– Kathryn Bedell, Esq.